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Surrendering a tenancy early?

Out of the blue over Christmas my parents made a rather generous offer which now puts me in a position to buy a property of my own, rather than renting. However - I need to move quickly so can't wait for my current tenancy to expire. I had no idea this was coming, and I'd signed a new 1 year tenancy (an extension to a tenancy which started in 2011), which runs until September this year. There's - rather unfortunately - no break clause in the agreement as having one at the time would have made things problematic with my employer. Hindsight is a wonderful thing.

So I now need to try & negotiate an early surrender of my current tenancy. I'm happy to pay to do so - the long term reward is very much worth it for me.

Can anyone advise on how best to approach this with the agency? I'd like to minimise the expense of this as far as possible but appreciate I'm causing the landlord some inconvenience so I'm not looking to avoid paying, just to be fair to both sides.

Many thanks!
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Comments

  • LEJC
    LEJC Posts: 9,618 Forumite
    edited 2 January 2015 at 12:24PM
    Firstly you need to find your property and purchase it....this can take 6 months for everything to go through so realistically there may not be that much of your tenancy to consider.


    Last year we puchased an "easy " property with no chain but it still took 5 months to complete.
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • Guest101
    Guest101 Posts: 15,764 Forumite
    Steady on.

    You've got 9 months to buy a property (will you need a mortgage?)

    - That doesnt seem that bad, some chains can take 6 months to form... i'd not rush into this until you have atleast a date for exchange of contracts!
  • pmlindyloo
    pmlindyloo Posts: 13,073 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why do you have to move quickly? Buying a house can take months.

    So, worst case scenario. You are liable for the rent until the end of your tenancy.

    Best case scenario. The landlord will agree a surrender (get it in writing) and allow you to leave with no financial penalties.

    Probably something in between - paying for re referencing/advertising/rent until new tenant begins tenancy.

    All a matter of negotiation.

    Just a couple of 'heads up'.

    The landlord cannot charge you for rent if they have a new tenant in place.
    Get everything agreed in writing (old fashioned style, pen and paper) and keep copies.

    Your contract is with the landlord so make sure you send any letters to both letting agent and landlord.

    Good luck.
  • I know I'll need to be out early - latest by May. My parents offer is fairly time dependant on me moving quickly, as they've offered to help me buy a new build in a nearby development. I won't need a mortgage, and there will be no chain. It's a toss up between two different properties, one will be finished in April and the other other is the show home and will be available in May.

    My step-father won't - under any circumstances - let things drag. Their last purchase was done from offer to completion in 4 months, with a chain and at high value. As he's prepared to help fund this he wants to know costs to end the tenancy, so I need to approach the agency. I can work out my maximum liability easily enough, he's asked that I negotiate with them to reduce it.
  • You simply write to the agents and ask whether the LL will be agreeable to let you surrender the property, for the reasons you have stated here. (At least, that is what I did in similar circumstances.)

    If the LL agrees, the agency will probably ask you to pay compensation to the LL until new tenants are in place, also the cost of re-listing the property. You may also be asked to pay council tax (and show proof of this) until the new tenants take over. There may also be a fee to the agency for early termination.

    Experienced agents must deal with this type of thing fairly frequently. It means more revenue for them from re-advertising and fees from the new and current tenants so it is to their financial advantage to encourage the LL to agree early surrender.

    I was fortunate in that my own tenancy was only for six months. It must be much harder for people with longer term agreements. I would never advise signing long term tenancies if you have an alternative. You never know how things are going to pan out.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ..... two different properties, one will be finished in April and the other other is the show home and will be available in May.
    You don't seriously believe builders actually complete construction on schedule do you? Really?

    So for April, read June. For May, read August.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    It seems odd that your step-father is pushing you so hard. What's it to him if you don't move out until the summer?
  • G_M wrote: »
    You don't seriously believe builders actually complete construction on schedule do you? Really?

    So for April, read June. For May, read August.

    Regardless, I will still need to end the tenancy early by at least 3 months.
  • stockton wrote: »
    You simply write to the agents and ask whether the LL will be agreeable to let you surrender the property, for the reasons you have stated here. (At least, that is what I did in similar circumstances.)

    If the LL agrees, the agency will probably ask you to pay compensation to the LL until new tenants are in place, also the cost of re-listing the property. You may also be asked to pay council tax (and show proof of this) until the new tenants take over. There may also be a fee to the agency for early termination.

    Experienced agents must deal with this type of thing fairly frequently. It means more revenue for them from re-advertising and fees from the new and current tenants so it is to their financial advantage to encourage the LL to agree early surrender.

    I was fortunate in that my own tenancy was only for six months. It must be much harder for people with longer term agreements. I would never advise signing long term tenancies if you have an alternative. You never know how things are going to pan out.

    That's helpful, thanks.

    The 12 month tenancy was the best option at the time - I work in various locations and the alternative was my employer refusing to pay dual location expenses and either forcing me to resign, or my husband being forced to give up his job (completely fixed location), and follow me around the country. A fixed tenancy prevented that, as will owning a property.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    That's helpful, thanks.

    The 12 month tenancy was the best option at the time - I work in various locations and the alternative was my employer refusing to pay dual location expenses and either forcing me to resign, or my husband being forced to give up his job (completely fixed location), and follow me around the country. A fixed tenancy prevented that, as will owning a property.

    Uhm what?

    What has your housing position got to do with your employer? whether you rent, own, live in a caravan or whatever.

    and how would they know anyway? are you sure you werent being fobbed off?
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